Without doubt, the best time to visit Tegucigalpa is during 'Semana Santa' or 'Holy Week'. I found this out during my recent trip to Central America as I spent Easter week in Tegucigalpa with my family.
It seemed that everyone had left town. There was virtually no traffic. I even used the opportunity to practice driving in the city. Normally, I'm too afraid to drive in Tegucigalpa because the traffic is so bad and nobody follows any traffic rules, so I take the coward's way out and let my wife do the driving (yes, I come from a long line of chickens).
The restaurants were more or less empty, so the waiters actually attempted to give better service than their normal shrug and contempt. The hotels were empty, so the rates were slashed. We stayed at the Marriott which normally has a weekday rate of $169.00 per night, but during 'Semana Santa' the rate was $69.00.
The people left in town somehow seemed more relaxed. It was like a lazy Sunday afternoon that lasted for an entire week. I think the criminals even took a holiday and went to 'la playa'.